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Oaktree Capital

Superinvestor

Oaktree Capital Management LP

SEC CIK
0000949509
Manager
Howard Marks
Style
Value
Latest filing
Aug 13, 2026

Holdings in Q2 2025

Holdings as of Jun 30, 2025, filed Aug 13, 2025. Long positions only; changes compare share counts with Q1 2025.

Institution overview
Positions
174
+8 vs. Q1 2025
Portfolio value
$5.05B
+$122.3M (+2.5%) vs. Q1 2025
Filed
Aug 13, 2025
SEC
Holdings of Oaktree Capital in Q2 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
TRMDTORM plcSHS CL A40,581,120$681.6M13.5%00.0%UnchangedHistory
EXEExpand Energy CorpCOM5,062,364$592.0M11.7%−500,000−9.0%ReducedHistory
GTXGarrett Motion Inc.Stock36,894,816$387.8M7.7%−7,188,000−16.3%ReducedHistory
STRSitio Royalties Corp.CLASS A COM12,945,551$237.9M4.7%+10,431+0.1%AddedHistory
AUAngloGold Ashanti PLCCOM SHS4,947,737$225.5M4.5%−517,114−9.5%ReducedHistory
INDVIndivior Pharmaceuticals, Inc.ORD11,009,125$162.3M3.2%00.0%UnchangedHistory
STKLSunOpta Inc.COM20,726,126$120.2M2.4%00.0%UnchangedHistory
RWAYRunway Growth Finance Corp.COM9,779,667$104.9M2.1%−1,000,000−9.3%ReducedHistory
CXCemex SAB de CVSPON ADR NEW14,839,032$102.8M2.0%−4,544,697−23.4%ReducedHistory
VISTVista Energy, S.A.B. de C.V.SPONSORED ADS2,061,561$98.6M2.0%−123,000−5.6%ReducedHistory
NOKNokia CorpSPONSORED ADR18,752,229$97.1M1.9%+20.0%AddedHistory
FCXFreeport-McMoran IncStock1,996,075$86.5M1.7%−195,033−8.9%ReducedHistory
LBTYALiberty Global Ltd.COM CL A8,212,191$82.2M1.6%+1,008,001+14.0%AddedHistory
CBLCBL & Associates Properties IncCOMMON STOCK3,005,126$76.3M1.5%00.0%UnchangedHistory
ITUBItau Unibanco Holding S.A.SPON ADR REP PFD11,004,494$74.7M1.5%+4,063,482+58.5%AddedHistory
BBarrick Mining CorpStock3,157,686$65.7M1.3%+3,157,686NewHistory
TACTransalta CorpCOM6,085,253$65.5M1.3%+500,000+9.0%AddedHistory
KRCKilroy Realty CorpCOM1,850,011$63.5M1.3%00.0%UnchangedHistory
CRCCalifornia Resources CorpCOM STOCK1,376,753$62.9M1.2%00.0%UnchangedHistory
Pebblebrook Hotel Tr70509VAA8NOTE 1.750%12/1–$59.2M1.2%–––
GRABGrab Holdings LtdCLASS A ORD11,569,295$58.2M1.2%+1,293,300+12.6%AddedHistory
JetBlue Airways Corp477143AP6NOTE 0.500% 4/0–$57.6M1.1%–––
SBLKStar Bulk Carriers Corp.SHS PAR3,230,527$55.7M1.1%−2,143,104−39.9%ReducedHistory
Cable One, Inc.12685JAE5NOTE 3/1–$49.1M1.0%–––
TLNTalen Energy CorpCOM129,829$37.8M0.7%−190,000−59.4%ReducedHistory
Airbnb, Inc.009066AB7NOTE 3/1–$35.1M0.7%–––
BLCOBausch & Lomb CorpCOMMON SHARES2,521,245$32.8M0.7%+2,521,245NewHistory
ECEcopetrol S.A.SPONSORED ADS3,549,822$31.4M0.6%+387,700+12.3%AddedHistory
Summit Hotel Pptys Inc866082AA8NOTE 1.500% 2/1–$29.5M0.6%–––
Sea Ltd81141RAG5NOTE 0.250% 9/1–$28.4M0.6%–––
Teladoc Health, Inc.87918AAF2NOTE 1.250% 6/0–$28.1M0.6%–––
BZKanzhun LtdSPONSORED ADS1,571,272$28.0M0.6%+400,311+34.2%AddedHistory
TXTernium S.A.SPONSORED ADS919,709$27.7M0.5%+107,100+13.2%AddedHistory
Etsy Inc29786AAN6NOTE 0.250% 6/1–$27.4M0.5%–––
BEKEKE Holdings Inc.SPONSORED ADS1,513,039$26.8M0.5%+258,255+20.6%AddedHistory
CONMED Corp207410AH4NOTE 2.250% 6/1–$26.3M0.5%–––
Snap Inc83304AAH9NOTE 0.125% 3/0–$25.6M0.5%–––
EchoStar CORP278768AB2NOTE 3.875%11/3–$25.3M0.5%–––
OCSLOaktree Specialty Lending CorpCOM1,852,456$25.3M0.5%00.0%UnchangedHistory
Alarm Com Hldgs Inc011642AB1NOTE 1/1–$24.3M0.5%–––
Marriott Vacations Worldwide Corp57164YAF4NOTE 3.250%12/1–$24.1M0.5%–––
TEOTelecom Argentina SASPON ADR REP B2,644,263$23.3M0.5%−65,000−2.4%ReducedHistory
Enphase Energy, Inc.29355AAH0NOTE 3/0–$22.5M0.4%–––
YMMFull Truck Alliance Co. Ltd.SPONSORED ADS1,842,337$21.8M0.4%+1,842,337NewHistory
Wix.com Ltd.92940WAD1NOTE 8/1–$21.1M0.4%–––
Envista Holdings Corp29415FAD6NOTE 1.750% 8/1–$20.7M0.4%–––
Okta, Inc.679295AD7NOTE 0.125% 9/0–$20.1M0.4%–––
VALEVale S.A.SPONSORED ADS2,033,706$19.7M0.4%−3,981,076−66.2%ReducedHistory
First Majestic Silver Corp32076VAD5NOTE 0.375% 1/1–$19.6M0.4%–––
Ceridian HCM Hldg Inc15677JAD0NOTE 0.250% 3/1–$17.5M0.3%–New–
BridgeBio Pharma, Inc.10806XAD4NOTE 2.250% 2/0–$16.9M0.3%–––
OPTUOptimum Communications, Inc.CL A7,500,000$16.1M0.3%00.0%UnchangedHistory
Dexcom Inc252131AK3NOTE 0.250%11/1–$15.9M0.3%–New–
Southern Co842587DZ7NOTE 4.500% 6/1–$14.9M0.3%–New–
UNITUniti Group Inc.COM3,397,592$14.7M0.3%00.0%UnchangedHistory
LILAKLiberty Latin America Ltd.COM CL C2,328,516$14.5M0.3%+2,328,516NewHistory
ALVOAlvotechORDINARY SHARES1,563,676$14.3M0.3%−304,807−16.3%ReducedHistory
SESea LtdSPONSORD ADS83,513$13.4M0.3%+83,513NewHistory
Realogy Grp LLC/Realogy Co75606DAP6NOTE 0.250% 6/1–$13.0M0.3%–––
JD.com, Inc.47215PAJ5NOTE 0.250% 6/0–$12.9M0.3%–New–
SHIFT4 PMTS Inc82452JAD1NOTE 0.500% 8/0–$12.8M0.3%–––
PPL Cap FDG Inc69352PAS2NOTE 2.875% 3/1–$12.3M0.2%–––
Enphase Energy, Inc.29355AAK3NOTE 3/0–$12.0M0.2%–––
MKS Inc55306NAB0NOTE 1.250% 6/0–$11.9M0.2%–New–
CMS Energy Corp125896BX7NOTE 3.375% 5/0–$11.7M0.2%–––
MXMagnachip Semiconductor CorpCOM2,849,858$11.3M0.2%00.0%UnchangedHistory
Upstart Hldgs Inc91680MAB3NOTE 0.250% 8/1–$11.3M0.2%–––
Coinbase Global, Inc.19260QAF4NOTE 0.250% 4/0–$10.3M0.2%–––
Chesapeake Energy Corp165167180*W EXP 03/01/20295,294$10.3M0.2%00.0%Unchanged–
BRYBerry Corp (bry)COM3,697,000$10.2M0.2%00.0%UnchangedHistory
YPFYpf Sociedad AnonimaSPON ADR CL D324,330$10.2M0.2%+324,330NewHistory
LivaNova PLC53802LAB8NOTE 2.500% 3/1–$10.2M0.2%–––
Cracker Barrel Old Ctry Stor22410JAB2NOTE 0.625% 6/1–$9.50M0.2%–New–
Shake Shack Inc.819047AB7NOTE 3/0–$9.47M0.2%–––
BHCBausch Health Companies Inc.Stock1,270,000$8.46M0.2%00.0%UnchangedHistory
Guardant Health, Inc.40131MAD1DEBT 1.250% 2/1–$8.40M0.2%–––
Wec Energy Group, Inc.92939UAR7NOTE 4.375% 6/0–$8.27M0.2%–New–
ALVOWAlvotech*W EXP 06/15/2024,666,667$8.24M0.2%00.0%UnchangedHistory
Nextera Energy Cap Hldgs Inc65339KCY4NOTE 3.000% 3/0–$8.14M0.2%–––
Tetra Tech Inc88162GAB9DBCV 2.250% 8/1–$7.87M0.2%–––
Dexcom Inc252131AM9NOTE 0.375% 5/1–$7.82M0.2%–––
Parsons Corp70202LAD4NOTE 2.625% 3/0–$7.69M0.2%–––
Verint Systems Inc92343XAC4NOTE 0.250% 4/1–$7.53M0.1%–New–
SMRTSmartRent, Inc.COM CL A7,505,294$7.43M0.1%00.0%UnchangedHistory
Blackline, Inc.09239BAF6NOTE 1.000% 6/0–$7.41M0.1%–New–
Travere Therapeutics, Inc.89422GAA5NOTE 2.250% 3/0–$7.39M0.1%–––
Huazhu Group Ltd44332NAB2NOTE 3.000% 5/0–$7.28M0.1%–––
Vail Resorts Inc91879QAN9NOTE 1/0–$7.27M0.1%–––
Cytokinetics Inc23282WAC4NOTE 3.500% 7/0–$7.14M0.1%–––
Blackstone Mortgage Trust IN09257WAE0NOTE 5.500% 3/1–$6.98M0.1%–––
Alibaba Group Hldg Ltd01609WBG6NOTE 0.500% 6/0–$6.90M0.1%–New–
Fluor Corp343412AJ1NOTE 1.125% 8/1–$6.58M0.1%–––
Marriott Vacations Worldwide Corp57164YAD9NOTE 1/1–$6.53M0.1%–New–
HDBHDFC Bank LtdSPONSORED ADS84,843$6.50M0.1%−4,854−5.4%ReducedHistory
Magnite, Inc.55955DAB6NOTE 0.250% 3/1–$6.42M0.1%–––
Redfin Corp75737FAE8NOTE 0.500% 4/0–$6.34M0.1%–––
Lumentum Hldgs Inc55024UAH2NOTE 1.500%12/1–$6.14M0.1%–––
NICE Ltd.653656AB4NOTE 9/1–$6.06M0.1%–––
Upwork, Inc91688FAB0NOTE 0.250% 8/1–$6.03M0.1%–––
On Semiconductor Corp682189AU9NOTE 0.500% 3/0–$5.92M0.1%–––

Options (4)

Puts and calls in the same filing. Amounts are the market value of the underlying shares, which is what 13F reports.

Option positions of Oaktree Capital in Q2 2025
SecurityClassPutsCalls
SPYSPDR S&P 500 ETF TrustETF$630.2M–
State Street SPDR S&P Homebuilders ETF78464A888ETF$68.0M–
iShares Russell 2000 ETF464287655ETF$51.8M–
TLNTalen Energy CorpCOM–$18.9M

Sold out since Q1 2025 (32)

Positions held at the end of Q1 2025 that are gone from this filing.

Positions of Oaktree Capital sold out since Q1 2025
SecurityClassShares in Q1 2025Value in Q1 2025% of portfolio in Q1 2025History
Barrick Gold Corp067901108COM2,516,658$48.9M1.0%–
Coherus Biosciences Inc19249HAB9NOTE 1.500% 4/1–$48.3M1.0%–
HTHTH World Group LtdSPONSORED ADS1,229,399$45.5M0.9%History
JDJD.com, Inc.SPON ADS CL A960,796$39.5M0.8%History
PBRPetrobras - Petroleo Brasileiro SASPONSORED ADR2,659,492$38.1M0.8%History
BILIBilibili Inc.SPONS ADS REP Z1,925,797$36.8M0.7%History
BIDUBaidu, Inc.ADR199,684$18.4M0.4%History
KCKingsoft Cloud Holdings LtdADS1,091,853$15.7M0.3%History
ONITOnity Group Inc.COM NEW410,429$13.3M0.3%History
NCL Corp Ltd62886HBD2NOTE 1.125% 2/1–$12.2M0.2%–
Pacira BioSciences, Inc.695127AF7NOTE 0.750% 8/0–$7.45M0.2%–
VCSAVacasa, Inc.COMMON STOCK1,375,448$7.40M0.2%History
DQDaqo New Energy Corp.SPNSRD ADS NEW344,819$6.24M0.1%History
National Vision Hldgs Inc63845RAB3NOTE 2.500% 5/1–$6.23M0.1%–
Five9, Inc.338307AD3NOTE 0.500% 6/0–$6.11M0.1%–
Tandem Diabetes Care Inc875372AD6NOTE 1.500% 3/1–$6.07M0.1%–
Lumentum Hldgs Inc55024UAF6NOTE 0.500% 6/1–$5.64M0.1%–
Shopify Inc.82509LAA5NOTE 0.125%11/0–$5.63M0.1%–
ZTO Express (Cayman) Inc.98980AAB1NOTE 1.500% 9/0–$5.55M0.1%–
Wayfair Inc.94419LAM3NOTE 0.625%10/0–$4.93M0.1%–
Expedia Group, Inc.30212PBE4NOTE 2/1–$4.57M0.1%–
Solaredge Technologies, Inc.83417MAD6NOTE 9/1–$2.64M0.1%–
Livongo Health Inc539183AA1NOTE 0.875% 6/0–$2.30M<0.1%–
Snap Inc83304AAD8NOTE 0.250% 5/0–$2.03M<0.1%–
Ezcorp Inc302301AE6CONVERTIBLE BOND–$1.82M<0.1%–
Neogenomics Inc64049MAA8NOTE 1.250% 5/0–$1.37M<0.1%–
Alliant Energy Corp018802AC2NOTE 3.875% 3/1–$1.34M<0.1%–
Lyft, Inc.55087PAD6NOTE 0.625% 3/0–$1.31M<0.1%–
MGP Ingredients Inc55303JAB2NOTE 1.875%11/1–$1.15M<0.1%–
Liberty Media Corp531229AQ5NOTE 2.250% 8/1–$852.3K<0.1%–
Health Catalyst, Inc.42225TAB3NOTE 2.500% 4/1–$372.7K<0.1%–
TheRealReal, Inc.88339PAJ0DEBT 4.000% 2/1–$246.5K<0.1%–